I think LFS' looks are more of a strong point instead of a weak point. It's not super flashy with loads of motion blur and lens flare, but it looks very real. The lighting needs improving, and some models could do with texture updates and higher detail, but these things will come. LFS looks and feels very organic, and with the new updates in the pipeline I believe it will be the most realistic looking sim there is.
There are a couple things that make LFS feel a little older. I think the website is the only .net I've ever visited. The UI, while it works amazingly and I wouldn't want to do much to change it, looks a little dated, and lacks a few features.
LFS doesn't have any official events, they work amazingly in other, larger sims where they bring massive player and viewer numbers. Something like Virtual Le Mans, or the iRacing special events that are run by the developers instead of the community. Live for Speed could hire a broadcast team like SBTV to stream the event to official social media accounts like YouTube or Twitch.